Lake Minnetonka Area Median Home Prices Jan 2015: Lake Minnetonka Area Median Home Prices Jan 2015 As homeownership rates overall continue to decline, those who do own their own home have more to gain than ever. Homes in the Lake Minnetonka Minnesota area are highly sought after. In contrast to the hefty number of U.S. residents who prefer owning their home over renting, the numbers of would-be homebuyers who can afford homeownership are in decline. Interest’s 2014 Home Affordability Study, has become a dependable source for an annual watch on the cost of buying a home in relation to income adjustments in top metropolitan areas. By studying the following list of Lake Minnetonka Area median home prices, prospective home buyers can find the most and least popular neighborhoods and ZIP codes, and sort them by median home sales price in a given area. Affluent Home Owners Occupy Most Lake Minnetonka Area Homes The population of much of Lake Minnetonka area homes stands out in contrast. The study shows that, nationally, middle-income families cannot afford the median-priced home in more than half of the nations 25 prevalent cities. Interest found that across the U.S., home prices “jumped by 12%, and the increase was even larger in the top 25 markets, with home prices rising 15%. This year’s study found something resembling sanity returning to the market. Across the country, home prices were up just 4%, while in the 25 biggest cities they climbed 6%.” As a general guideline, interest advises that homebuyers keep monthly house payments under 28% of monthly income. Including total principal, interest, taxes and insurance on a home in that lump sum, it places 15 of Americas 25 largest cities housing prices as unaffordable. The good news is that the U.S. economy is among the world’s best off as 2015 begins, according the U.S. Economy’s Promises, and Perils, of 2015 article in the Wall Street Journal on January 4, 2015. Home Destination has been selling homes in the Lake Minnetonka area for over 15 years. We follow the news the city distributes on local news outlets, and stay in close contact with long-term and new clients who have previously purchased homes within the Minnetonka community. We take pride is our local expertise that offer you professional guidance that you and fully rely on. Median Home Prices of Cities within the Lake Minnetonka Area A prepared benchmark of median home prices for specific residential neighborhoods in the Lake Minnetonka Area, Minnesota as markets head into a new year. Information is drawn from the Minneapolis Area Association of Realtors (MAAR). Stats cover housing data over a one year price range, from November 2013 through November 2014. Homes for sale in Deephaven – Up from $554,800 in 2013 to $1,000,000 in 2014; a change in median home price of +80.2% Homes for sale in Excelsior – Up from $1,474,250 in 2013 to $1,175,000 in 2014; a change in median home price of +140.8% Homes for sale in Greenwood – Up from $875,000 in 2013 to $3.550,000 in 2014; a change in median home price of +34.3% Homes for sale in Long Lake – Down from $397,500in 2013 to $150,000 in 2014; a change in median home price of -62.3.8% Homes for sale in Minnetrista – Down from $595,000 in 2013 to $390,000 in 2014; a change in median home price of -34.5% Homes for sale in Minnetonka Beach - Up from $1,115,000 in 2013 to $ 1,305,400 in 2014; a change in median home price of +17.1% Homes for sale in Mound – Up from $142,000 in 2013 to $182,450 in 2014; a change in median home price of +28.5% Homes for sale in St. Bonifacius – Down from $232,000 in 2013 to $154,450 in 2014; a change in median home price of -33.4% Homes for sale in Shorewood – Up from $340,000 in 2013 to $435,000 in 2014; a change in median home price of +27.7% Homes for sale in Mound – Up from $142,000 in 2013 to $182,450 in 2014; a change in median home price of +28.5% Homes for sale in Excelsior– Up from $177,00 in 2013 to $1,139,00 in 2014; a change in median home price of +543.8% Homes for sale in Wayzata – Up from $320,000 in 2013 to $635,000 in 2014; a change in median home price of +98.4% Adjustments in Lake Minnetonka Area Median Home Price To better understand how median home prices are calculated, here is an explanation. The median house price is the midway point of all homes or housing units sold and at what market price over a given period of time (typically monthly, yearly, or quarterly). That is, if there were 51 houses sold during a specific month, the median house price would be the house price in the middle – the home that has 50 house prices more expensive than it and 50 homes priced less than it. One of the explanation for the cities with large swings in the median price of homes is that, it reflects the type of home sold within the given time period, versus all homes in the neighborhoods. The median price will adjust depending on whether there is a large amount of more expensive or less expensive homes sold at that time. In these circumstances, you can often notice large differences in the median price. Therefore, a comprehensive market analysis that cover year to year as well as month to month changes in home prices aids a better understanding. We draw upon the latest housing statistics available to help Minnetonka - Minneapolis real estate buyers make well informed buying decisions. It is a new year full of exciting potential to increase your real estate holdings if you are a real estate investor, or for homeowners to move-up to the home of their dreams. Homes for sale in the Lake Minnetonka Area have proven over time to represent one of the Twin Cities prime locations to buy a home. Stunning shore front homes, lake activities and strong home value appreciation rates make it one of the most sought-after lake areas in the upper Midwest. ~ Jenna Thuening, owner of Home Destination 3 Benefits of Analyzing Median Home Price Points 1. Both home buyers and sellers in the Twin Cities gain a more precise clue as to housing market trends, consumer sentiment and market conditions. 2. Great way to estimate the listing price of a Lake Minnetonka property. 3. Individuals relocating to a new residential neighborhood can fix the median price of homes in the suburb to begin a search that is in an affordable price range. If you are seeking to view Lake Minnetonka real estate listings, review history of area home sales, and gain our guidance to find the perfect home, call 612-396-7832 and ask for Jenna Thuening. Jenna Thuening, a Lake Minnetonka Area top real estate agent reports on Lake Minnetonka Area Median Home Prices Jan 2015. 11200 W. 78th St Eden Prairie, MN 55344 Phone: 612-396-7832 Jennas home page: homedestination If Im out in the field, you may quickly reach me by email: jenna@homedestination and note how I can help you, or leave a message on my voicemail and I will return your call as quickly as possible.
Posted on: Tue, 06 Jan 2015 03:29:13 +0000
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